Now that we understand what a personal financial plan is and how important it is, let's move on to the next step: how to set up my personal financial plan.
1. Set goals and objectives
To start your financial planning set your goals and objectives. What do you want to achieve? Based on your objective, you will develop your focus. Whatever your mission, it is the central point to stimulate your personal financial planning.
Plan an antidote to bad choices. Thinking about the immediate pleasure of a purchase, spending on things that are not necessary, are some of the mishaps that will be faced during your journey. Be aware that transactions that escape planning are negative actions that only distance you from your goals.
Align your values and plans for the future, the more organized you are, the more control you will have over your financial choices.
2.Write down all your expenses
The second step in your financial planning is to write down everything from recurring bills to unforeseen events that may arise. This action is essential to record the inflow and outflow of your income.
Start by making a note of any fixed earnings, such as salary, extra work, additional income, or any other anticipated income you may have over a certain period. It is common for people to carry out this account on a monthly basis.
Now, the tip is to add all your expenses to your control: rent payments, financing, credit card bills or other things. Thus, the monthly expenses listed are easier to manage, controlling what is important or not to be spent.
Organize your bills and put your expenses on a spreadsheet. After listing everything, the plan is to trace and plan what will be spent over the period. With all this data recorded, you will have a broader view of your financial situation, and from there, analyze what you can do in terms of control and how to save money to earn more in the future.
In addition, this personal financial control is important to see the real size of the pending issue and avoid wasting money.
3.Monitor income and expenses
After you have made the adjustments to your expenses, your planning enters the monitoring phase. The objective is to monitor, literally at the tip of the pencil, the execution of your plan, as not all spending periods will be the same.
Unforeseen or extra expenses may happen, which is very common, however, when this situation occurs, make the necessary adjustments and calculations to fix the problem in the following months.
4.Learn about financial education
Initially, it is important to analyze why this subject is so relevant. In addition to being a topic that can help people of all ages, financial education should be a widespread topic, especially among children and young people. Teaching about money, spending and economics is an important step for a person to know how to handle their finances.
Financial education is understanding the entire inflow, outflow of your budget, emergency reserve, among other points, but more than that, it is analyzing how your money can be better used, yielding more and guaranteeing you more conditions for a more peaceful future. .
Early indebtedness and poor financial education are sufficient reasons for the growing number of people who Therefore, it is essential to learn more about financial education to have greater control and tranquility in relation to money. Researching about personal finance, knowing the main practices and organization tools are fundamental points to execute a good financial planning.
5. Financial market professionals
For you who are starting to do personal financial planning and make certain types of transactions, a great tip is to look for a professional in the financial market. A specialist or companies that work in the financial market segment can help answer questions about investments, credit and indicate how to better use your capital.
Many people end up looking for banks and brokers to invest and take their first steps, however, these services are focused on product sales and not on the objective of expanding their knowledge.
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